First HoldCo climbs 10% after Otedola share purchase

First HoldCo climbs 10% after Otedola share purchase

Shares of First HoldCo Plc surged by 9.91 per cent on Thursday, reaching a record high on the Nigerian Exchange as aggressive bargain hunting and robust investor sentiment continued to lift the financial group’s valuation.

The stock closed trading at N120.90 per share, adding N10.90 to its previous closing price of N110.00

The rally comes directly on the heels of a major insider transaction disclosed by the exchange on

Wednesday.

According to an official regulatory filing, Calvados Global Services Limited, an entity related to the Group Chairman and significant shareholder, Olufemi Otedola, “acquired 706,131,179 ordinary shares of First HoldCo Plc on 22 July 2026, at N109.88 per share.”

The massive stock purchase reinforces Otedola’s long-standing strategy of increasing his equity holdings in the financial institution. Since taking over as Group Chairman, the billionaire investor has consistently demonstrated strong capital commitment, positioning the Holdco to capitalise on ongoing banking sector recapitalisation mandates and broader macroeconomic reforms within the West African financial landscape.

Commenting on the development, Lagos-based finance and investment analyst, Adebayo Ajao, noted that the significant insider buy serves as a powerful vote of confidence in the long-term fundamentals of the group.

Ajao said, “When a major shareholder and chairman doubles down with a transaction of this

magnitude, it sends an unmistakable bullish signal to both institutional and retail investors.

“Market participants interpret such significant capital deployment as a clear endorsement of the company’s asset quality, growth trajectory, and internal governance stability.

“We are seeing a strategic re-rating of First HoldCo in real time. As domestic financial institutions work to strengthen their capital buffers under tighter regulatory regimes, major equity injections by core investors provide the necessary liquidity cushion and reassure the wider market regarding board alignment and long-term value creation.”

Looking closely at the price action on the exchange, Ajao continued, “the immediate liquidity

influx created by this transaction has reignited broad-based interest across the banking index.

“If this level of institutional demand persists, First HoldCo could maintain a higher valuation floor,

further driving momentum across premium board listings.”

Trading activity, according to The PUNCH investigation, was marked by strong buying momentum following the disclosure, with the ticker opening at N110.00 on Thursday before intra- day demand drove the price to a peak of N121.00.

By the end of the session, investors had exchanged 106,397,127 shares, generating a massive daily transaction turnover of N12.49bn.

The single-day surge expanded First HoldCo’s total market capitalisation to N5.49tn across its

45.48 billion outstanding shares. The massive stock movement underscores a significant re-rating for the financial institution, which has rebounded sharply from a 52-week low of N29.25 to hit a fresh peak of N121.00.

Source: https://punchng.com/first-holdco-climbs-10-after-otedola-share-purchase/